26 April 2026 By Ra Wai
BANGKOK, Thailand — A network linked to a sanctioned Myanmar arms broker is attempting to acquire a nearly 25% stake in a Thai-listed public company, sparking urgent calls for intervention by financial regulators to prevent the laundering of “blood money.”
According to the activist group Justice For Myanmar (JFM), shareholders of Advanced Connection Corporation Public Company Limited (ACC) are scheduled to vote on Monday, 27 April, on a private placement that would hand significant control to companies tied to Kyaw Min Oo.
Kyaw Min Oo is identified as a key middleman for the Myanmar Air Force, allegedly facilitating the purchase of Russian aircraft and spare parts used in indiscriminate airstrikes against civilians. His business network, Sky Aviator, operates through various entities in Myanmar, Singapore, and Thailand.
“ACC is attempting to hand over nearly a quarter of a Thai public company to a network that provides the illegal Myanmar military with the weapons it uses to massacre its own people,” said Jadanar Maung, a spokesperson for JFM.
Kyaw Min Oo’s legal history has already drawn international scrutiny. In December 2023, he was convicted in Singapore for failing to declare the movement of over 500,000 Singapore dollars. Furthermore, he is currently under sanctions by the United States, European Union, United Kingdom, and Canada for his role in procuring weapons for the Myanmar military.
Despite these designations, JFM warns that ACC’s management is proceeding with the vote to grant the network a substantial foothold in the Thai market. The watchdog has urged the Securities and Exchange Commission (SEC) and the Anti-Money Laundering Office (AMLO) of Thailand to block the deal.
The proposed deal involves the sale of 23.25% of ACC’s total shares to two Thai-registered entities—Sky Avia Trading Co., Ltd. and Heli Asia Trading Co., Ltd.—for approximately 300 million Baht ($9.3 million). These companies were established in 2024 as subsidiaries of Singapore-based firms founded by Kyaw Min Oo.
The Thai SEC has reportedly directed ACC to provide additional information regarding these private placements, warning that failure to provide transparency could lead to the rejection of the share transfer.
JFM has called on the international community, including Australia and the EU, to expand sanctions to cover the entire Sky Aviator network. The group insists that allowing such networks to access public stock exchanges provides a dangerous avenue for military-linked brokers to legitimise wealth generated from international crimes.
As the vote looms on Monday, the case is being seen as a critical test for Thailand’s financial regulators and their commitment to ensuring that the country’s capital markets are not used to sustain the Myanmar junta’s ongoing campaign of violence.
